MoneyMagpie

Oct 26

Chip – a new app that makes saving automatic

Young people are forever being told they’re bad with money. It can get quite depressing. In times of sky-high living costs and rock-bottom interest rates it’s no wonder that Generation Y’s financial outlook looks bleak – and it’s not because they’re reckless. Anyone that’s savvy with money knows that saving for the future is one of the most important aspects of personal finance – but it’s also one of the hardest.

You probably wish you saved more of your money. The trouble with saving is that life is expensive, and spending is seamless. It can sometimes feel like all aspects of everyday life are designed to siphon off your money without you even noticing. Tap your card, click a link, tick a box. And trying to save can feel like the opposite: a hassle, an uphill struggle – but there’s plenty of new technology to help change that.

If you were lucky enough to grow up as a digital native, it makes sense to start using your tech prowess to improve your financial situation. There’s never been a better time to start taking advantage of new technology to handle your finances. We’re about to be hit by an avalanche of new smartphone apps to help you do just that – and one of the very first ones has just arrived. It’s called Chip and it works out how much you can afford to save and puts it away for you automatically.

Chip a new app that makes saving automatic

Your relationship with money can be positive and saving can be easy. Literally everyone can afford to save more, whether it’s £5 a month to start with, or upping the ante to get together a deposit on a flat. Chip promises to make saving money as effortless as spending it.

So how does it work?

  • The app connects to your online banking – you grant it read-only access so it can see what you’re spending.
  • A sophisticated algorithm calculates how much you can afford to save.
  • It moves money automatically into your Chip savings account, every few days, based on your spending. Go a bit crazy? Chip will ease off. Feeling frugal? Chip will stash the excess.
  • You can also ask Chip to save more or save less, and you can withdraw your money at any time.

Chip - a new app that makes saving automaticChip is brand new, and that means that there are amazing incentives up for grabs for people who arrive early to the party. It’s offering a special rate of up to 10% interest to the first 5000 people who download the app – that’s on the entire savings pot for a whole year. Compare that to the rates that the big banks are offering on their savings accounts – usually less than 1% – and saving with Chip looks like a pretty good deal.

Chip’s creator, Simon Rabin, told us: “it’s a bold move, but we want to show people that saving money can be a positive experience. We want to show our users that Chip works.”

To get up to 10% interest on your savings account, you need to click here and enter your number. You’ll get a text with further instructions on how to open your Chip savings account with a base rate of 5% interest. You can boost your returns by an extra 1% for every friend you refer using your unique code – up to 10%.

 

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